The sum has strengthened by more than 1% since the end of July.
The Uzbek sum has strengthened against the US dollar by 1.04% since the end of July. An Alpari analyst attributes this to tight monetary policy and domestic factors.
Since the end of July, the Uzbek som has strengthened by more than 1%.
Tashkent, Uzbekistan (UzDaily.com) —
By August 6, 2026, the Uzbek som strengthened against the US dollar, reaching 11,881 som per dollar, up 1.04% from the previous report. However, according to Alpari analyst Anna Bodrova, the national currency weakened by 0.69% against the dollar in July and has remained virtually unchanged since the beginning of the year.
According to the expert, one of the key factors influencing the currency market was the absence of gold exports in June 2026. As a result, gold exports in the first half of the year remained at $1.5 billion, the same as in January–May. Compared to the same period last year, gold exports decreased by almost 77%, and their share of total exports fell from 37% to less than 10%.
According to the analyst, the decline in gold exports is increasing pressure on the country's foreign exchange earnings, despite foreign trade growth of 7.4% year-on-year. Under these conditions, the sum exchange rate is becoming more dependent on other sources of foreign exchange earnings and more sensitive to changes in the external environment.
According to Bodrova, the national currency is receiving additional support from the continued tight monetary conditions. The Central Bank's base rate remains at 14%, supporting the attractiveness of national currency assets and stimulating domestic savings. At the same time, continued economic growth is generating robust domestic demand, partially offsetting the decline in export revenues.
However, the analyst points to ongoing risks for the sum exchange rate. These include dependence on portfolio investment and external financing amid declining foreign exchange earnings, as well as the potential for increased import inflation due to rising energy and logistics prices and the likelihood of a tightening of global financial conditions.
According to Anna Bodrova's forecast, during the next week of August, the US dollar/Uzbek soum exchange rate will be in the range of 11,800–12,050 soums per dollar.